Rand dips amid fears of Gordhan's recall

Cape Town - The rand fell by around 1.7 percent to the dollar after President Jacob Zuma called off the international trip by Finance Minister Pravin Gordhan to woo investors and ordered him back in the country.

Gordhan, his deputy Mcebisi Jonas and business and labour were on a week-long visit to the UK and US to drum up support for international investments.

On Monday Gordhan was set to meet with investors in London before travelling to Boston and New York later in the week.

However, Zuma has ordered him to return to the country with speculation mounting of a Cabinet reshuffle.

The international roadshow by Gordhan is one of the trips he has been undertaking in the past few months to woo investors.

Treasury had said earlier Gordhan’s trip was to deliver a key message to investors after his Budget speech in February, but the decision by Zuma to ask to return to the country urgently has intensified speculation of a reshuffle in the Cabinet.

Former Eskom boss and recently sworn-in ANC MP Brian Molefe is widely tipped to be waiting in the wings to replace Gordhan as SA's finance minister.